§ 23-65-314. Quarterly statement
(a) On or before March 1, June 1, September 1, and December 1 of each year, a surplus lines broker shall file with the Insurance Commissioner a statement for the preceding period of the surplus lines insurance transactions of an insured whose home state is the State of Arkansas. (b) The statement shall be on […]
§ 23-65-315. Tax on brokers
(a) No later than sixty (60) days following the end of the calendar quarter in which surplus lines insurance was procured, the surplus lines broker shall remit to the Treasurer of State through the Insurance Commissioner a tax of four percent (4%) on the direct premiums written, less return premiums and exclusive of sums collected […]
§ 23-65-316. Penalty for failure to file quarterly statement or remit tax
(a) (1) If a surplus lines broker fails to file his or her quarterly statement by the due dates in § 23-65-314, he or she shall be liable for a fine of fifty dollars ($50.00) for each day of delinquency commencing with the due date. (2) The Insurance Commissioner may grant a reasonable extension of […]
§ 23-65-317. Revocation of broker’s license
(a) The Insurance Commissioner shall revoke a surplus lines broker’s license: (1) If the broker fails to file his or her quarterly statement or fails to remit the tax as required by law; (2) If the broker fails to maintain an office, keep records, or allow the commissioner to examine his or her records as […]
§ 23-65-318. Action against insurer — Service of process
(a) When this state is the home state of the insured, an unauthorized insurer may be sued upon any cause of action arising in this state under any contract issued by it as a surplus lines contract, or certificate thereof issued by the surplus lines broker, under the procedure provided in § 23-65-203. (b) (1) […]
§ 23-65-319. Withdrawal of approval
(a) The Insurance Commissioner may remove an approved surplus lines insurer if the commissioner has reason to believe that the insurer: (1) Is in unsound financial condition; (2) Is no longer eligible under § 23-65-310; (3) Has willfully violated the laws of this state; (4) Does not make reasonably prompt payment of just losses and […]
§ 23-65-320. Domestic surplus lines insurers
(a) A domestic insurer possessing policyholder surplus of at least twenty million dollars ($20,000,000) may be: (1) Designated as a domestic surplus lines insurer with the written approval of the Insurance Commissioner; and (2) Allowed to write surplus lines insurance in any jurisdiction in which it is eligible. (b) A domestic surplus lines insurer is: […]
§ 23-65-401. Agreement authorized — Requirements
(a) The Insurance Commissioner may enter into written multistate agreements or compacts with other state jurisdictions on behalf of the State of Arkansas to provide for cooperation and assistance among member jurisdictions in the administration and collection of taxes imposed on multistate surplus lines insurance. (b) A multistate agreement or compact authorized by this subchapter […]
§ 23-65-402. Applicability of multistate agreement or compact
On and after July 21, 2011, the effective date of the Nonadmitted and Reinsurance Reform Act of 2010, Pub. L. No. 111-203, in the event of a conflict, the terms of a multistate agreement or compact shall prevail over conflicting state law.
§ 23-65-403. Committees’ approval of agreements or compacts required
A multistate agreement or compact entered into by the Insurance Commissioner shall be: (1) Considered by the Senate Committee on Insurance and Commerce and the House Committee on Insurance and Commerce; and (2) Reviewed and approved by the Legislative Council.